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Money transfer group Mukuru acquires fintech Zoona’s assets in Malawi

Mukuru, one of the largest international money operators and remittance companies in Africa, has confirmed that it has acquired Zoona’s operational assets in Malawi along with the technology systems that support its Malawian operations.

Mukuru did not reveal how much it paid to acquire Zoona’s Malawian technology systems or assets.

According to the company’s LinkedIn profile, Mukuru’s headquarters are in Cape Town and it was founded in 2004. US based Emerging Capital Partners is one of the company’s key investors.

Related posts: Money Transfer Startup Founded By Zimbabwean Secures US$5 Million

Zoona, which has worked with Mukuru for four years as a partner, is an Africa-based fintech that enables entrepreneurs to bring safe and reliable financial services to underserved communities in Malawi and elsewhere.

In a statement yesterday Mukuru CEO Andy Jury said the acquisition will extend Mukuru’s African footprint deep into the urban and rural areas cross Malawi.

See related: Chipper Cash raises $6 million seed round to expand into southern African markets

“This acquisition will bring the benefits of our extensive products and cutting-edge technology to the citizens of Malawi – giving them better options and safe mechanisms to send money to loved ones and ultimately uplift their communities,” he said.

Following the acquisition, Zoona Malawi’s agents will operate as Mukuru agents benefiting from a wider product range to offer customers backed by Mukuru’s trusted and established brand name.

In addition, agents will benefit from being part of the Southern African Development Corporation (SADC) regional network, increasing their regional exposure and potentially boosting earnings over time.

Source: https://ventureburn.com/2020/05/mukuru-acquires-zoonas-malawi-assets/

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